Bannerman Energy Ltd has successfully completed a fully underwritten institutional placement to raise A$124 million before costs at A$4.00 per share to fully fund its flagship Etango Uranium Project in Namibia through construction and ramp-up.

The capital raising follows the satisfaction or waiver of all conditions precedent for a strategic investment and joint venture with CNNC Overseas Limited (CNOL) for the funding, development, and operation of Etango. Bannerman’s flagship asset holds a Mining Licence awarded in December 2023 and has advanced through extensive feasibility work, including a Definitive Feasibility Study completed in December 2022 for the Etango-8 Project.

In addition to the institutional placement, Bannerman is undertaking a non-underwritten Share Purchase Plan targeting to raise up to an additional A$10 million from eligible shareholders in Australia and New Zealand at the same offer price. Completion of the Share Subscription Agreement and execution of the Shareholders Agreement for the CNOL joint venture are scheduled to occur before the end of September 2026.

"This capital raising resolves the last funding hurdle for Bannerman as we move towards a Final Investment Decision on the Etango uranium mine and progress to becoming a major new greenfield uranium producer. With Etango construction now fully funded, with no debt, a worldclass partner and with all of our working capital obligations backed by a strong balance sheet, Bannerman is exceptionally well positioned for the next phase of development. We look forward to progressing Etango towards a Final Investment Decision - expected in Q4 2026 - alongside our partner, CNOL, and to delivering value for both existing and new shareholders who have supported the Company through this important milestone."

— Brandon Munro, Executive Chairman

Settlement of the placement shares is expected to occur on 15 September 2026, with allotment scheduled for 16 September 2026. The company expects to reach a Final Investment Decision on the project in the final quarter of 2026.

Read the full announcement: BMN successfully completes A$124M Underwritten Placement